Michaël Penninckx: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Michaël Penninckx
Largest movements
- Cash +€432,186
up €432,186 (+236%), from €183,058 to €615,244
mainly Net result for the year (+€925,290) and Receivables after one year (+€95,000)
- Financial fixed assets +€375,191
up €375,191 (+26.8%), from €1.4m to €1.8m
- Receivables after one year -€95,000
down €95,000 (-7.4%), from €1.3m to €1.2m
- Receivables within one year +€80,818
up €80,818 (+694%), from €11,650 to €92,468
of which Trade receivables: +€74,616
- Reserves +€925,000
up €925,000 (+39.6%), from €2.3m to €3.3m
- Other debts -€209,876
down €209,876 (-34.7%), from €605,543 to €395,667
- Tax, wage and social debts +€41,619
up €41,619 (+59.9%), from €69,524 to €111,143
- Gross operating margin +€336,533
up €336,533 (+34.6%), from €972,589 to €1.3m
- Taxes +€122,420
up €122,420 (+39.6%), from €308,770 to €431,189
- Financial charges -€32,334
down €32,334 (-83.8%), from €38,601 to €6,266
- Financial income +€15,387
up €15,387 (+13.3%), from €116,037 to €131,423
- Depreciation +€14,134
up €14,134 (+23.0%), from €61,460 to €75,594
From the 2023 result to the 2024 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,183,504 | €3,950,210 | +€766,705 | +24.1% |
| Fixed assets | 21/28 | €1,682,182 | €2,030,936 | +€348,754 | +20.7% |
| Tangible fixed assets | 22/27 | €281,691 | €255,255 | -€26,437 | -9.4% |
| Plant, machinery and equipment | 23 | - | €23,934 | +€23,934 | |
| Furniture and vehicles | 24 | €250,878 | €190,012 | -€60,866 | -24.3% |
| Other tangible fixed assets | 26 | €30,813 | €41,309 | +€10,496 | +34.1% |
| Financial fixed assets | 28 | €1,400,490 | €1,775,681 | +€375,191 | +26.8% |
| Current assets | 29/58 | €1,501,322 | €1,919,274 | +€417,951 | +27.8% |
| Amounts receivable after more than one year | 29 | €1,280,000 | €1,185,000 | -€95,000 | -7.4% |
| Other amounts receivable | 291 | €1,280,000 | €1,185,000 | -€95,000 | -7.4% |
| Amounts receivable within one year | 40/41 | €11,650 | €92,468 | +€80,818 | +694% |
| Trade receivables | 40 | €11,640 | €86,256 | +€74,616 | +641% |
| Other amounts receivable | 41 | €10 | €6,213 | +€6,202 | +59,522% |
| Cash at bank and in hand | 54/58 | €183,058 | €615,244 | +€432,186 | +236% |
| Deferred charges and accrued income | 490/1 | €26,614 | €26,562 | -€52 | -0.2% |
| Total equity and liabilities | 10/49 | €3,183,504 | €3,950,210 | +€766,705 | +24.1% |
| Equity | 10/15 | €2,504,411 | €3,429,702 | +€925,290 | +36.9% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €2,335,000 | €3,260,000 | +€925,000 | +39.6% |
| Distributable reserves | 133 | €2,335,000 | €3,260,000 | +€925,000 | +39.6% |
| Profit (loss) carried forward | 14 | €155,151 | €155,442 | +€290 | +0.2% |
| Amounts payable | 17/49 | €679,093 | €520,508 | -€158,585 | -23.4% |
| Amounts payable within one year | 42/48 | €679,093 | €519,540 | -€159,552 | -23.5% |
| Trade debts | 44 | €4,026 | €12,731 | +€8,705 | +216% |
| Suppliers | 440/4 | €4,026 | €12,731 | +€8,705 | +216% |
| Taxes, remuneration and social security | 45 | €69,524 | €111,143 | +€41,619 | +59.9% |
| Taxes | 450/3 | €69,524 | €111,143 | +€41,619 | +59.9% |
| Other amounts payable | 47/48 | €605,543 | €395,667 | -€209,876 | -34.7% |
| Accrued charges and deferred income | 492/3 | - | €968 | +€968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,460 | €75,594 | +€14,134 | +23.0% |
| Other operating charges | 640/8 | €1,610 | €2,205 | +€595 | +37.0% |
| Gross operating margin | 9900 | €972,589 | €1,309,122 | +€336,533 | +34.6% |
| Operating profit (loss) | 9901 | €909,519 | €1,231,323 | +€321,804 | +35.4% |
| Financial income | 75/76B | €116,037 | €131,423 | +€15,387 | +13.3% |
| Recurring financial income | 75 | €116,037 | €131,423 | +€15,387 | +13.3% |
| Financial charges | 65/66B | €38,601 | €6,266 | -€32,334 | -83.8% |
| Recurring financial charges | 65 | €38,601 | €6,266 | -€32,334 | -83.8% |
| Profit (loss) for the period before taxes | 9903 | €986,955 | €1,356,480 | +€369,525 | +37.4% |
| Income taxes | 67/77 | €308,770 | €431,189 | +€122,420 | +39.6% |
| Profit (loss) for the period | 9904 | €678,185 | €925,290 | +€247,105 | +36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €678,185 | €925,290 | +€247,105 | +36.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.